Atlantic American (NASDAQ:AAME) stock is soaring higher on Friday despite a lack of news coming from the insurance company.
That increase comes alongside heavy trading of AAME stock. As of this writing, more than 46 million shares have changed hands. To put that in perspective, the company’s daily average trading volume is only about 28,000 shares.
So why exactly are investors going crazy over AAME stock? Blame the Reddit traders. It looks like this is yet another case of investors on social media comping together to push a stock up higher and enjoy the profits.
Keeping that in mind, here’s what potential investors in AAME stock need to know about the company.
- Atlantic American is an insurance holding company with several subsidiaries that focus on different insurance markets.
- That includes the life, health, and property and casualty insurance industries.
- Subsidiaries under the company include American Southern Insurance Company, xCalibre Benefits, and Bankers Fidelity.
- Atlantic American reports that it has roughly half a billion dollars in assets and that its yearly revenues are just shy of $200 million.
- The company was founded in 1968 and its headquarters is located in Atlanta, Ga.
- Atlantic American has a long history as a public company having joined the stock market in 1981 on the Nasdaq Exchange with its AAME ticker.
AAME stock was up 358.8% as of noon Friday and is up 416.5% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.